Norlee Group, a portfolio company of Heartwood Partners since October 2024, has acquired Allstate Electric.
Through seven subsidiaries, Norlee operates a portfolio of electrical, mechanical, technology, fire protection, and engineering–design services to general contractors, healthcare institutions, government agencies, and commercial property developers.
Specific services of the company include system engineering and design-build, in-plant service and repair, underground infrastructure work and access control and low-to-medium voltage systems such as 5G fiber optics, communications cabling, and energy management solutions. All of Norlee’s subsidiaries operate throughout Central and Northern Florida.
At the time of Heartwood’s acquisition of Norlee in October 2024, Norlee was comprised of Adkins Electric, Colwill Enterprises, Millennium Electric, and Tietjen Technologies. Since the initial investment, Norlee has closed three add-on acquisitions, including the buys of Florida-based AEC Electrical (November 2024), Regency Electric Company (April 2025), and now, Allstate Electric.
Norlee was founded in 2010 by CEO Wally Budgell and is headquartered in Jacksonville, Florida, with more than 600 employees.
“Our partnership with Heartwood Partners marks an exciting new chapter in Norlee’s growth journey,” said Mr. Budgell. “Since founding Norlee, we’ve been committed to building a comprehensive platform of best in class service providers across the Southeastern U.S. Heartwood’s investment approach aligns perfectly with our vision – they understand the value of maintaining operational excellence while providing the strategic resources and capital needed to accelerate our expansion. The successful completion of three acquisitions in less than a year following our partnership demonstrates the strength of this partnership.”
“We are delighted to partner with Wally and the rest of the Norlee team to continue executing on their vision of establishing the company as a trusted leader in integrated electrical and mechanical solutions across the Southeastern U.S.,” said Demetrios Dounis, a managing partner at Heartwood.
Heartwood invests in U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million. Sectors of focus include food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial and consumer services. Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and rebranded to Heartwood Partners in September 2020.
© 2025 Private Equity Professional | June 18, 2025
